Mapletree Investments has sold The Cottages of Boone, a Class A 894-bed student housing community two miles from Appalachian State University in Boone, North Carolina.
Timberline Real Estate Ventures acquired the asset for $91 million and took out a $79.4 million loan originated by Walton Street Capital. Mapletree had acquired the asset in 2017 through its Global Student Accommodation Private Trust fund.
Completed in 2013, the Cottages of Boone community features 93 one-, two- and three-story buildings spread across 70 acres. The unit mix consists of one-, three-, four- and five-bedroom layouts, ranging from 594 to 2,054 square feet. Select floorplans also include private balconies or patios.
Common-area amenities include a fitness center, swimming pool, hot tub, clubhouse, business center and spa. The property also has a dry sauna and steam room, outdoor fire pit lounge, study lounge, computer lab, private conference room, and game room.
Headquartered in Singapore, Mapletree is a global real estate development, investment, capital and property management company committed to sustainability. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistently attractive returns across real estate asset classes.
Timberline Real Estate Ventures (“TREV”) is a fully integrated, operationally focused, privately held real estate operator and investment manager focused on the residential sector having acquired more than $3.0+ billion of total investments since its inception in 2012. TREV specializes in the development, acquisition and operation of student housing, multifamily and mixed-use retail/residential communities through a combination of individual, portfolio and corporate equity and debt transactions.
